Refinery Process Chemical Sales Set to Total USD 9950.4 Million by 2034 Amid Rising Demand for Waste Heat Recovery Systems

The Refinery Process Chemical industry is experiencing steady growth driven by increasing demand for high-performance additives to improve refining efficiency and reduce emissions. Rising investments in refinery modernization and expansion projects, particularly in emerging economies, are further fueling market expansion.

NEWARK, Del, July 08, 2024 (GLOBE NEWSWIRE) — The global refinery process chemical market size is projected to be valued at USD 5969.7 million in 2024 and further increase at a CAGR of 5.2% during the forecast period. Worldwide sales of refinery process chemicals are set to total USD 9950.4 million by 2034.

The refining industry is adapting to the growing need to reduce carbon emissions by investing in carbon capture systems. Digital technology, such as artificial intelligence and machine learning, is transforming the industry, while the circular economy promotes waste reduction, recycling, and reuse.

Nanotechnology is being used to develop novel materials and catalysts for refining processes. 3D printing and additive manufacturing are being used to construct refinery equipment, and Industry 4.0 is enabling the supply of data-driven chemicals for refinery processes. This development can help companies strengthen their global presence and broaden their consumer base.

Request Your Sample Report Now! https://www.futuremarketinsights.com/reports/sample/rep-gb-988

Manufacturers can develop refinery sociality chemicals that facilitate hydrogen synthesis, storage, and utilization, addressing the growing demand for clean energy. Petroleum refinery chemicals supporting the circular economy can also be developed to meet resource-efficient and eco-friendly solutions.

However, businesses may need to invest in compliance with environmental regulations or develop novel formulations. Switching to alternative energy sources like electric vehicles and renewable energy could pose a threat to the existing oil and gas industry.

Key Takeaways from the Market Report

  • The global refinery process chemical market is set to reach USD 9950.4 million by 2034, with a CAGR of 5.2% in the forecast period.
  • Based on application, the water treatment segment accounted for a market share of 35.1% in 2024.
  • By end-user, the oil and gas industry is leading with a market share of 61.7% in 2024.
  • India is expected to record a CAGR of 7.8% between 2024 and 2034.
  • Sales in China are anticipated to rise at a CAGR of 5.9% through 2034.

“Consumers are looking for eco-friendly products amid the global shift toward sustainability. Manufacturers are concentrating on developing water treatment chemicals and other process aids derived from bio-based materials,” Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Get in Touch with Our Sales Team to Secure Your Copy of the Report Now! https://www.futuremarketinsights.com/checkout/988

Who is Winning?

The Dow Chemical Company, Chevron Phillips Chemical Company LLC, Exxon Mobil Corporation, and Royal Dutch Shell PLC are working on developing innovative, efficient, and sustainable chemicals for refinery procedures. These include targeted catalysts for specific refining procedures, sustainable water treatment chemicals, cost-efficient corrosion inhibitors, and digital tools like sensor-based monitoring systems and AI-powered optimization software.

The tools help optimize chemical dosing, reduce waste, and increase efficiency. AI tools can predict equipment problems and corrosion issues, enabling preventive maintenance and reduced downtime.

Manufacturers are also developing water treatment chemicals and process aids derived from bio-based materials to meet environmental regulations. Research is ongoing to find chemical solutions that enable refineries to reuse water, contributing to water sustainability efforts.

Businesses are offering complete solutions to consumers, including technical support, on-site application expertise, and performance insurance, which can be beneficial for refinery owners seeking streamlined experiences and reducing operational costs. This approach is also aimed at reducing energy consumption and equipment maintenance requirements.

Industry Updates-

  • MOGAS Industries, headquartered in the UAE, in July 2024, was awarded a multimillion-dollar contract for the South Korean S-Oil Shaheen Project for the first commercialization of TC2C (Thermal Crude to Chemicals) technology.
  • ONGC, headquartered in India, in November 2023, announced its plans to invest USD 5.38 billion for the establishment of two petrochemical factories that can transform crude oil into high-value chemical goods.

Leading Refinery Process Chemical Players

  • The Dow Chemical Company
  • Chevron Phillips Chemical Company LLC
  • Exxon Mobil Corporation
  • Royal Dutch Shell PLC
  • SABIC (Saudi Basic Industries Corporation)
  • Clariant AG
  • Evonik Industries AG
  • Honeywell International Inc.
  • Albemarle Corporation
  • Johnson Matthey
  • W.R. Grace & Co.
  • Arkema S.A.
  • DuPont de Nemours, Inc.
  • Haldor Topsoe A/S

Report Preview: https://www.futuremarketinsights.com/reports/refinery-process-chemicals-market

Key Segments of Market Report

By Product Type:

Based on product type, the sector is divided into catalysts, pH adjustors, anti-fouling agents, and corrosion inhibitors.

By Refinery Process Conversion Type:

By refinery process conversion type, the segment is divided into water treatment and petroleum treatment.

By End-user:

Refinery process chemicals have applications in the oil and gas, chemical, and water treatment industries.

By Region:

The sector is spread across North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe, and the Middle East and Africa.

Authored By

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

Have a Look at Related Research Reports on Chemicals & Materials

The refinery and petrochemical filtration market growth is estimated to rise from USD 5.6 billion in 2024 to USD 11.7 billion by 2034.

The global market for high performance refinery additives is projected to worth USD 2.2 billion in 2023. The market is likely to surpass USD 3.3 billion by 2033 at a CAGR of 4.2% during the forecast period.

Global refinery catalyst market share is anticipated to witness a considerable growth of 4.6% CAGR during the period 2022 and 2030.

The global hydro-processing catalysts market size is expected to reach USD 2,565.46 million by 2032, with a steady CAGR of 2.3% during the forecast period.

The market for hydraulic fluids and process oil was estimated to be worth $9.59 billion in 2022. It is anticipated to expand at a CAGR of 7% during the projected period to reach USD 18.55 billion by 2032

The global hydraulic fluids market size is anticipated to surge to USD 12.6 billion by 2033. It is estimated to record a steady CAGR of 3.6% in the review period 2023 to 2033.

Europe polyvinyl alcohol industry is set to be valued at USD 829.7 million in 2024 and is projected to reach USD 1,418 million by 2034. The sector will likely witness a modest CAGR of 5.5% over the forecast period 2024 to 2034.

The global caprylyl glycol industry size is estimated to be valued at USD 1.7 billion in 2024 and further increase at a CAGR of 6.6% during the forecast period.

The dimer acid-based (DAB) polyamide resin market revenue is expected to gain from USD 2,814.3 million in 2024 to USD 5,550 million by 2034.

The global biomass gasification market size is forecast to reach USD 113.9 billion in 2024. Global biomass gasification demand is set to record a CAGR of 9%, resulting in a staggering market valuation of USD 270.7 billion by 2034.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:       

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: [email protected]
Website: https://www.futuremarketinsights.com
LinkedInTwitterBlogs | YouTube

Refinery Process Chemical Sales Set to Total USD 9950.4 Million by 2034 Amid Rising Demand for Waste Heat Recovery Systems

Primary Logo

Originally published at https://www.einpresswire.com/article/725976050/refinery-process-chemical-sales-set-to-total-usd-9950-4-million-by-2034-amid-rising-demand-for-waste-heat-recovery-systems-future-market-insights